Using Credit Wisely

Linzey Payne

Difference between a credit and a debit card

A debit card is when you buy things you use a pin number and the money that you need comes directly out of your account. A credit card is you buy a card from a company and decide how much money you want on it and use that money. You borrow that money and then later you pay it off monthly.

Three ways to develop a positive credit history

  • Pay all your payments on time.
  • Only borrow what you can afford
  • Pay your credit card balance in full

Five different financial apps that help people manage their money

  • Betterment helps with investing
  • Prosper helps you with personal loans and investing
  • Venmo helps you make payments
  • LearnVest helps with planning your financials
  • FutureAdvisor is a financial adviser

Three disadvantages and three advantages of using credit

Some advantages is you can build positive credit. It is easier and more convenient using credit. Also if you use it right you can save money. Some disadvantages are it could create bad credit if you don't use it right. Also if you get behind on your payments it could cost yo more money than you already owe. Credit fraud could happen to you.

What is APR and why is it important to know when applying for a credit card

APR is annual percentage rate of interest a credit card holder will be charged on all or a portion of the balance if the full amount isn't paid on or before the due date. It is important because it might cost you more money.

Use the cost of credit calculator

Credit counseling agency

Experian is a credit counseling agency.

When and where can you order a free credit report

You can use creditkarma.com. You can get a free report once every year. It is important to check your report to make sure it is correct because it helps you get loans. If there is a problem with it you should call your credit card company and get the problems fixed.